Demographic dividend to support economic growth

The Philippines is banking on its robust working-age population to steer it toward full socioeconomic development fueled by a state of demographic dividend, according to a report by Manila Standard.

During the seventh edition of the United Nations Economic and Social Commission for Asia and the Pacific-Committee on Social Development (UN ESCAP-CSD), the Commission on Population and Development’s (POPCOM) Officer In Charge-Executive Director (OIC-ED) Lolito R. Tacardon delivered the Philippines’ statement on areas of social development that are part of the committee’s overview.  

Tacardon cited the country’s changing population-age structure, where the proportion of its working age is steadily increasing. Already at 64% in 2020, he said the ratio already enables the prospect of demographic dividend and socioeconomic development.  

According to a latest Philippine Statistics Authority (PSA) release on labor force survey, the country’s employment rate continued to rise in July 2022, which stood at 94.8 percent. The number of employed persons in the said month was estimated at 47.39 million, from 41.67 million in the same period of 2021.  

This, the POPCOM OIC-ED said, is in-line with the overall development goal of President Ferdinand Marcos’ administration “to reinvigorate job creation and poverty reduction by steering the economy back to its high-growth path and through economic transformation for a prosperous, inclusive and resilient society of Filipinos,” with emphasis on the eight-point agenda of the Philippine Development Plan for 2023 to 2028 focusing on strategies intended to address immediate issues of inflation, socioeconomic scarring and low income.  

“Over the medium term, the agenda will focus on creating more [secured jobs] and social protection and aimed at retaining an adequate and productive workforce,” Tacardon explained. “Its retooling and reskilling, as well as the institution of effective job-facilitation processes to increase the employability of job seekers, will be strategically pursued.”  

Tacardon also outlined the government’s intensified measures to progressively increase the quality of Filipino human resources, such as the Universal Health Care Law to improve their health and productivity; as well as the upgrading of the educational curriculum adapted to the digital revolution. Alternative learning systems will likewise support sustained education, while the Technical Education Skills and Development Authority promotes reskilling and upskilling for the unemployed and underemployed.  

For workers’ social protection, the government, he said, is further strengthening the core functions of poverty reduction and human-capital investments. Adoption of the National ID System will also facilitate the digitalization of social-protection systems enabling efficient, targeted and equitable delivery of social programs.  

The Philippines being a major source of global healthcare workers, the POPCOM OIC-ED said the national government is exerting efforts through mutual agreements with other countries to improve Filipino professionals’ status, welfare, protection and benefits: “We [are committed to support international endeavors…such as the South-South Cooperation…for ensuring the health, protection and productivity of our] labor force in Asia and the Pacific.”  

The POPCOM official also shared that the Philippines is experiencing continuous global and domestic inflationary pressures. To arrest such, Tacardon revealed that the country is exerting efforts to address food, energy, transportation and logistics constraints to ensure sufficient supply of affordable and accessible goods and services.  

According to a latest Philippine Statistics Authority (PSA) release on labor force survey, the country’s employment rate continued to rise in July 2022, which stood at 94.8 percent. The number of employed persons in the said month was estimated at 47.39 million, from 41.67 million in the same period of 2021.  

Meanwhile, the PSA revealed that “the labor force participation rate in July 2022 was placed at 65.2 percent, translating to 49.99 million Filipinos 15 years and older who were either employed or unemployed.”  

POPCOM, through Tacardon, represented the country in the seventh UN ESCAP-CSD between September 6 and 8, which was physically held in Bangkok, Thailand, with meetings conducted online.